24 Jun 2015 15:05
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Gulfsands Petroleum Information
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Don't have an account? Click here to register.Gulfsands Petroleum agrees farm-out from Colombian block
Wed, 19th Oct 2016 11:33
(ShareCast News) - Gulfsands Petroleum has agreed a farm-out agreement for one of its two Colombian projects with Canada's Samarium Tennessine.Samarium will take a 70% interest in the Putumayo-14 Exploration and Production of Hydrocarbons project (PUT-14) contract and fund all the exploration and other related costs up to $16.1m with an option to take a full 100% participating interest.In order to acquire the remaining 30%, subject to approval by Colombia's regulator, Samarium will need to replace the $1.7m letter of credit in place to guarantee performance under the PUT-14 contract.On the valid exercise of the option, Samarium shall hold a 100% operating interest in the contract.The pair have also agreed a joint operating agreement and, prior to the exercise of the option, Gulfsands will remain the license operator and Samarium will become technical operator, with the intention of both sides that the Canadians will ultimately assume full operatorship covering both responsibilities.The first exploration phase of Block 14, which lies on Colombia's border with Ecuador, is due to expire in November 2017 with a minimum work obligation of 93 km of 2D seismic data to be captured in a new survey and the drilling of one exploration well.Shares in the company popped 16% to 3.34p by 1230 BST on Wednesday.
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24 Jun 2015 05:21
23 Jun 2015 15:23
20 May 2015 07:20
Gulfsands Petroleum to seek short-term funding from shareholders
May 20 (Reuters) - Oil and gas producer Gulfsands Petroleum Plc said on Wednesday it was planning to seek short-term financing from some of its shareholders to use as working capital. The company said it faced "many challenges over the coming months," including seeking extensions to licence
Read more14 Apr 2015 11:11
Gulfsands appoints new executive chairman, removes CEO
Oil and gas explorer Gulfsands Petroleum said it had removed its chief executive and appointed a new executive chairman. The North Africa-focused group said it had named Alastair Beardsall, the current chairman of Sterling Energy, as its executive chairman with immediate effect. Beardsall's arrival
Read more14 Apr 2015 08:04
UPDATE 1-Gulfsands ousts CEO, names Waterford nominee as chairman
(Adds details) April 14 (Reuters) - Gulfsands Petroleum Plc said it removed Mahdi Sajjad as chief executive and appointed Alastair Beardsall, a nominee of its top shareholder, as executive chairman with immediate effect. The oil and gas producer has been embroiled in a boardroom battl
Read more14 Apr 2015 06:40
Gulfsands Petroleum removes CEO, appoints new executive chairman
April 14 (Reuters) - Gulfsands Petroleum Plc said it removed Mahdi Sajjad as chief executive and appointed Alastair Beardsall as executive chairman of the company with immediate effect. The oil and gas production, exploration and development company, which operates in Syria, Morocco, Tunisi
Read more20 Mar 2015 09:39
UPDATE 1-Gulfsands Petroleum seeks funding from top shareholders
(Adds details, background, share movement) March 20 (Reuters) - Gulfsands Petroleum Plc said it was in talks with its major shareholders to secure immediate working capital as it struggles to repay some debt and continue funding operations. The oil and gas producer said it would requi
Read more20 Mar 2015 09:11
London open: FTSE 100 inches up on growing optimism over Greek deal
London's leading FTSE 100 benchmark index posted mild gains on Friday amid renewed optimism from talks between Greece's new government and EU creditors in Brussels. The Greek government is now expected to present its reforms in the next days after wrangling with EU leaders who will then decide on th
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